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मॉडर्न सिटेक्स (इंडिया)

बीएसई: 500281  |  NSE: MODRNSYNTX  |  ISIN:  |  Textiles - Synthetic & Silk

खोजें मॉडर्न सिटेक्स (इंडिया) कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of Modern Syntex
 (India) Limited (the Company) which comprise the Balance Sheet as at
 March 31,2014, and the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.  Management''s
 Responsibility for the Financial Statements Management is responsible
 for the preparation of these financial statements that give a true and
 fair view of the financial position, financial performance and cash
 flow of the Company in accordance with the Accounting Standards
 referred to in sub-section (3C) of section 211 of the Companies Act,
 1956 (the Act) read with the General Circular 15/2013 dated 13th
 September, 2013 of the Ministry of Corporate Affairs in respect of
 section 133 of the Companies Act, 2013. This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material mis-statement,
 whether due to fraud or error.  Auditor''s Responsibility.
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.  An audit involves performing procedures to
 obtain audit evidence about the amounts and disclosures in die
 financial statements. The procedures selected depend on die auditor''s
 judgment, including the assessment of the risks of material
 mis-statement of me financial statements, whether due to fraud or
 error. In making those risk assessments, the auditor considers internal
 control relevant to me Company''s preparation and fair presentation of
 die financial statements in order to design audit procedures that are
 appropriate in the circumstances, but not for die purpose of expressing
 an opinion on effectiveness of me company''s internal control. An audit
 also includes evaluating the appropriateness of accounting policies
 used and die reasonableness of die accounting estimates made by
 management, as well as evaluating die overall presentation of die
 financial statements.  We believe that the audit evidence we have
 obtained is sufficient and appropriate to provide a basis for our audit
 opinion.  Opinion We report the observations / comments as under:
 
 1 The accounts of the company have been prepared on going concern basis
 though the accumulated losses of the company have exceeded its net
 -worth. (Note30.I).
 
 2 The premium on redemption of debentures is not provided (Sub para
 ivof Note 1.3) and devolved non-fund based borrowings are accounted for
 as and -when paid I discharged (Note 1.18), amounts whereof are not
 ascertained.
 
 3 Balance confirmations from debtors, creditors, advances, secured and
 unsecured lenders, etc, are generally not asked / received and
 accordingly not reconciled / confirmed. In absence of the same, these
 balances and their classification are reflected as per the records
 produced to us (Note 30.4).
 
 4 Penal interest, compound interest and liquidated damages on loans
 from Financial Institutions, Banks and others, wherever applicable,
 have not been provided for in current as well as in previous period(s),
 amount not ascertained (Note30.6).
 
 5 Calls in arrears accounts are subject to confirmation and
 reconciliation (Note 2.2 and 3.2).
 
 6 Interest on foreign currency loan availed in DM currency calculated
 at fixed rate of 2.74% p.a. rather than a floating interest rate based
 on 6-months-DM-Libor plus a margin of0.80% p.a., impact of which is not
 ascertained.[Note5.5 (c)].
 
 7 a) The company has locked out its POY division since 15th November,
 2012. The company has not acertained liability if any, for locked out
 period from 15th November, 2012 onwards due to matter pending with
 Hon''ble Gujarat High Court (Note 23.1).  b) The company had not
 provided salary and wages of POY division for the period 1st October,
 2012 to 14th November, 2012 amounting to Rs.65.55 Lacs as the matter is
 pending with Hon''ble Gujarat High Court. In case the liabilty is
 accounted for as on the Balance Sheet date, the Current Liabilities 
 would have been higher by  Rs. 65.55 Lacs and Accumulated Losses would
 have been higher by  Rs. 65.55 Lacs. (Note 23.1)
 
 8 Amount of Rs. 1,042.41 Lacs paid towards restructuring / settelement to
 various preference share holders till 31st March 2014 has been
 reflected under the head Other current assetspending sanction
 ofrehibilition scheme by BIFR. In case, the payments made have been
 adjusted from the same, than the Preference Share Capital and
 Current Assets would have been lower by  Rs.1,042.41Lacs (Note 2.1).
 
 9 Amount of Rs. 8,331,38 Lacs paid towards restructuring /settlement to
 varous lenders till 31st March, 2014 had been reflected under the head
 Other current assets rather than reducing the same from Loans shown
 as current maturities of long term debt under Other current
 liabilities. In case, the payments made have been adjusted from the
 same, than the Other current liabilities and Current Assets would
 have been lower by  Rs. 8,331.38 Lacs.(Note 18.1).
 
 10 SUUTIhas restored the total liabilities due to default inpayment of
 OTSamount and have intimated the outstanding dues of  Rs. 1,63.803.63 Lacs
 including unsecured debts, dues ofUTIMF, overdue & penal interest etc.
 as per their records as on 31st March, 2013. No further communication
 regarding outstanding has been received.  The company has disputed the
 entire dues of VTI MF and in the process of renegotiating the OTS
 proposal with them, pending which, unpaid liability of Rs. 1,360 Lacs is
 kept in books of accounts as per earlier settlement terms. In case, the
 liability is accounted for as restored by SUUTland UTIMF, Current
 Liabilities would have been higher by  Rs. 1,62,443.83 Lacs and
 Accumulated Losses would have been higher by that amount. (Note 9.3).
 
 11 Exchange Fluctuation on foreign currency loan availed in DM currency
 to acquire Plant and Machinery has not been provided since 01.04.2001
 due to conversion of currency from DM to Euro as there is no currency
 conversion clause in the agreement.  In case, the liability is
 accounted for based on the exchange rate of Euro as on the Balance
 Sheet date, the Current Liabilities would have been higher by  Rs.
 13,813.93 Lacs,Loss before tax for the year would have been higher by
 Rs. 4,429.78 Lacs and Accumulated Losses would have been higher by  Rs.
 13,813.93 Lacs [Note 5,5 (b)].
 
 12 Provision for interest amounting to  Rs. 910.74Lacs (including Rs.86.91
 Lacs for the year) has not been made on public fixed deposits and on
 retail non convertible debentures as company expects waiver /reliefs.
 In case, the liability is accounted, the Current Liabilities would
 have been higher by  Rs. 910.74 Lacs, Loss before tax for the year would
 have been higher by  Rs. 86.91 Lacs and Accumulated Losses would have
 been higher by  Rs. 910.74 Lacs (Note9.4).
 
 13 The company has not provided for interest on dealers deposit of Rs.
 19.00 Lacs (including  Rs. 9.50 Lacs for the year), and commission &
 brokerage on sales of  Rs. 24.70 Lacs (including  Rs. Nil for the year)
 related to POY division due to pending settlements with customers /
 dealers. In case the liabilty is accounted  as on the Balance Sheet
 date, the Current Liabilities & Accumulated Losses would have been
 higher by  Rs. 43.70 Lacs and Loss before tax for the year would have
 been higher by  Rs. 9.50 Lacs. (24.1&. 25.3).
 
 We further report drat, widiout considering items mentioned at para 1
 to 7(a) above, me effect of which could not be determined, had die
 observations made by us in para 7(b) to 13 above been considered,
 accumulated losses would have been  Rs. 2,31,700.66 Lacs (as against die
 reported figure ofRs. 54,422,91 Lacs), Current Liabilities would have
 beenRs. 2,07,662.83 Lacs (as against die reported figure ofRs. 38,716.46
 Lacs), Preference Share Capital would have been  Rs. 457.59 Lacs (as
 against die reported figure ofRs. 1,500 Lacs) and Current assets would
 have been  Rs. 5,505,94 Lacs (as against the reported figure ofRs. 14,879.73
 Lacs).  In our opinion and to die best of our information and according
 to the explanations given to us, die financial statements subject to
 our observations as above and read together wim Notes to Accounts give
 die information required by die Act in the manner so required and give
 a true and fair view in conformity wim die accounting principles
 generally accepted in India:
 
 (a) in the case of me Balance Sheet, of the state of affairs of die
 Company as at March 31,2014;
 
 (b) in the case of die Statement of Profit and Loss, of die loss for
 die year ended on that date; and
 
 (c) in the case of me Cash Flow Statement, of me cash flows for die
 year ended on diat date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by die Companies {Auditor''s Report) Order, 2003, as
 amended by die Companies (Auditor''s Report) (Amendment) Order 2004
 (togemer the ''Order''), issued by die Central Government of India in
 terms of Section 227 (4A) of die Companies Act, 1956, we enclose in die
 Annexure a statement on the matters specified in paragraphs 4 and 5 of
 die said Order to die extent applicable to die company,
 
 2.  As required by section 227(3) of die Companies Act, 1956 we report
 that:
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  In our opinion, proper books of account as required by law have
 been kept by die Company so far as appears from our examination of
 those books;
 
 c.  The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt witii by this Report are in agreement widi the books of
 account;
 
 d.  In our opinion, the Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply wim me Accounting Standards referred to
 in subsection (3C) of section 231 of the Companies Act, 1956 read with
 the General Circular 15/2013 dated 13th September, 2013 of die Ministry
 of Corporate Affairs in respect of section 133 of die Companies Act,
 2013.
 
 e.  On the basis of written representations received from die directors
 as on March 31,2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of die Companies Act, 1956.
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which die cess is to be paid under section 441A of die
 Companies Act, 1956 nor has it issued any Rules under die said section,
 prescribing die manner in which such cess is to be paid, no cess is due
 and payable by die Company.
 
 Annexure to the Independent Auditors'' Report for the year ended March''
 2014 (Referred to in Paragraph lunder the heading of report on other
 legal and regulatory requirements of our report of even date)
 
 i.  Fixed Assets
 
 a) The Company has generally maintained proper records showing full
 particulars including quantitative details and situtation of its fixed
 assets except that the records for some of the assets are under
 updation.
 
 b) As per the information and explanation given to us, the company
 carries out the physical verification of its fixed assets over a period
 of three years in a phased manner, which in our opinion is reasonable
 having regard to the size of the company and the nature of its assets.
 No material discrepancies were noticed on such verifications.
 
 c) The company has not sold any substantial portion of fixed assets
 during the year.
 
 ii.  Inventories
 
 a) The inventory has been physically verified by the management during
 the year. In our opinion, the frequency of verification is reasonable.
 
 b) The procedures of physical verification of inventory followed by the
 Company is reasonableand adequate in relation to the size of the
 Company and the nature of its business.
 
 c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification were not material in
 relation to the operations of the Company and the same have been
 properly dealt with in the books of account.
 
 iii.  Loans given / taken
 
 As informed to us, the company has neither granted nor taken any loans,
 secured or unsecured to/from companies, firms or other parties covered
 In the register maintained under Section 301 of the Companies Act,
 1956.  Accordingly, clauses 4 (iii) (a) to (g) of the Companies
 (Auditor''s Report) Order are not applicable to the company.
 
 iv.  Internal Control
 
 According to the information and explanations given to us and in our
 opinion, there are adequate internal control systems commensurate with
 the size of the company and the nature of its business, with regard to
 purchase of inventory, fixed assets and with regard to sales of goods
 and services. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in internal control
 system.
 
 v.  Contracts and arrangement under Section 301
 
 a) According to the information and explanation given to us, we are of
 the opinion that the particulars of contracts or arrangements referred
 to in Section 301 of the Companies Act, 1956 have been entered in the
 register required to be maintained under that section.
 
 b) In our opinion and according to the information and explanation
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 have been made at prices which are reasonable
 having regard to prevailing market prices at the relevant time.
 
 vi.  Public Deposit
 
 The Company has accepted fixed deposits under Section 58A of the
 Companies Act, 1956 in past. In our opinion and according to the
 explanations given to us, the company has complied with the provisions
 of sections 58A, 58AA or any other relevant provisions of the Act and
 the rules framed thereunder with regard to deposits accepted from
 public except for default in payments of the same and non maintenance
 of liquid assets against the deposits. As given in Note 30.8, the
 Company Law Board (CLB) has passed an order on 23.1.2002 that The
 repayment of fixed deposits shall be made by the Company in accordance
 with the revival scheme as and when approved by BIFR under provisions
 of SICA. However payment on compassionate ground are continued to be
 made as per the decision of the committee formed by Hon''ble Company Law
 Board for this purpose. As informed to us, no other orders are passed
 by National Company Law Tribunal or Reserve Bank of India or any Court
 or any other Tribunal in this regard.
 
 vii. Internal Audit System
 
 The Company has an internal audit system, which in our view
 commensurate with the size and nature of its business.
 
 viii. Cost Records
 
 We have broadly reviewed the books of accounts produced relating to the
 cost records maintained by the Company pursuant to the rule made by the
 Central Government under section 209(1) (d) of the Companies Act, 1956
 and we are of the opinion that prima facie the prescribed accounts and
 records have been made and maintained. However, we have not carried out
 detailed examination of such accounts and records with a view to
 ascertain whether these are accurate and complete.
 
 ix.  Statutory Dues
 
 a) The Company has been regular in depositing its undisputed statutory
 dues including Provident Fund, Investor Education and Protection Fund,
 Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 
 Tax, Customs Duty, Excise Duty, Cess and other statutory dues as
 applicable with the appropriate authorities during the year except
 delay in deposition in few cases and pending deposition of undisputed
 dues for a period of more than six months as at 31.03.2014 are as
 under:-
 
 Nature                       rs in lacs
 
 Professional Tax               0.67
 
 Royalty to Gram Panchyat       9.89
 
      
 b) The details of dues of Income tax / Sales tax / Wealth tax / Service
 tax / Custom duty / Excise duty / cess not deposited on account of
 dispute alongwith the amounts involved and the forum where dispute is
 pending is given as under:
 
 Nature of dues            Amount      Forum at which jxroliiig
                           Rs. in lacs
 
 
 Excise Duty               326.31     CESTAT, Ahmedabad
 
                           249.04     Gujarat High Court, Ahmedabad
 
                            99.41     Commissioner Appeal, Baroda
 
                             5.13     Assistant Commisssioner, Baroda
                                      (CentralExcise)
 
                            88.30     CEGAT, Jaipur
 
 Provident Fund              1.84     PF Tribunal, Delhi_
 
                             1.51     PF Department, Jaipur
 
 Sales Tax                 313,28     Jt.Conm(Convnercial) Tax Appeal, 
                                      Baroda
 
                             3.55     Commissioner Appeal, Jaipur
 
 Textile Committee Cess    147.88     Textile Committee Tribunal
 
 Municipal Tax               1.56     Rajasthan High Court
 
 Custom Duty               129.44     Commisisoner of Custom, Mumbai
 
 Land & Building Tax        12.43     Municipal Corporation, Alwar
 
 
 
 x.  The accumulated losses of the company at the end of the finacial
 year are more than the net worth of the company. It has incurred cash
 losses during the current year as well as in immediately preceding
 financial year.  
 
 xi.  The Company has defaulted in repayment of dues to Financial
 Iinstitutions, Banks and Debenture holders / Public Fixed Depositors
 amount of Rs. 8,488.48 Lacs, 116,577.22 Lacs andRs. 1,979.29 Lacs
 respectively as on the Balance Sheet date from the year 1999-2000
 onwards as per books of accounts of the Company.  
 
 xii.  The Company has not granted any loans and advances on the basis
 of any security by way of pledge of shares, debentures and other
 securities.
 
 xiii.  As explained, the company is not a chit fund or a nidhi / mutual
 benefit fund / society. Accordingly, the provisions of clause xiii of
 Para 4 of the Companies (Auditor''s Report) Order are not applicable to
 the Company.  xiv.  As explained and verified, the Company is not
 dealing or trading in shares, securities, debentures and other
 investments.
 
 xv.  As explained and verified, the Company has not given any guarantee
 for loans taken by others from Banks or Financial Institutions.  
 
 xvi.  The Company has not obtained any term loans during the year under
 review.
 
 xvii. On an overall examnitaion of the balance sheet of the company, we
 are of the opinion that no fund raised on short term basis have been
 utilised for long term uses.  
 
 xviii. The Company has not made any preferential allotment of shares
 during the year to parties and companies covered in the Register
 maintained under Section 301 of Companies Act, 1956.  
 
 xix.  According to the information and explanations given to us, the
 Company has not created security or charges against some of the
 debentures outstanding at the Balance Sheet date. As explained, the
 company is in the process of settlement of such dues.  
 
 xx.  According to the information and explanations given to us, the
 Company has not raised any money from the public during the year
 through public issue.  
 
 xxi.  According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 year.
 
 
 
 
                                         For T.R. CHADHA & CO.
                                         Chartered Accountants 
                                         Firm Regn. No: 00671IN
 
                                         Arvind Modi
 Place: Mumbai                           Partner
 Date : 27th June, 2014                  M. No. 112929
स्रोत: रेलीगरे टेचनोवा

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